43 of 5(2 complete) costing system. One of the company's products has a standard direct materials cos s on account at $52 each. It purchased $6,300 of direct materials on account and inc T Record debits first, then credits. Exclude explanations from journal entries.) Requirements 1. Prepare summary journal entries for January. 2. The January 1, 2018, balance of the Raw and In-Process Inventory account was $110. Use a T-account to find the January 31 balance. 3. Use a T-account to determine whether conversion costs are overallocated or underallocated for the month. By how much? Prepare the journal entry to adjust the Conversion Costs account. Print Done ld